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June 27, 2023
Price action reveals Lincoln Electric Holdings, Inc., JetBlue Airways Corporation, W W Grainger Inc as the stocks to watch as they near pivotal price targets in the near term.
Yesterday's session summary: Leading equity indices in the US declined as Nasdaq slipped 1.16% and closed at 13,336. S&P 500 shed 0.45% and closed at 4,328.82.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of industrials stocks and their price targets.
Lincoln Electric's Price target: $193.34 | Last close: $191.84 | Daily range: $189.83 – $193.04 | Off hours: $191.84
Lincoln Electric Holdings, Inc. rallied $2.25 (1.19%) deep into the session, reaching $191.84. Yesterday's gains are in contrast to Lincoln Electric's bearish trend (lasting 7 days) during which it lost $6.5 of its value. Lincoln Electric bucks the trend and ends the day higher while beating its average trading volume by 114%.
Approximately 12 days ago, the multinational welding products manufacturer reached a significant high of $196.09 but has struggled to hold onto its gains and declined 3.31% since then. The company's market cap currently stands at $11 billion with an average daily trading volume of 381,218 shares. Lincoln Electric is forecasted to generate revenues of $1 billion and EPS of $2.06.
It will be interesting to follow how Lincoln Electric's run now faces a challenge at $193.34, which is only $1.5 away.
Buyers pushing JetBlue Airways towards its price target of $8.19; currently at $8.05
Pronounced bullish sentiment in the market helped the major low cost US airline to make a notable 1.39% gain yesterday, rising 11 cents and ultimately closing at $8.05. Yesterday's gains stand in contrast to JetBlue's slide (lasting 4 days) in which it lost 20 cents. Investors eyeing potential reversal for JetBlue after the company outperformed its daily average volume by 121%.
The major low cost US airline now trading 18.33% above its 3-month low of $6.19. America's 7th largest airline's market cap currently stands at $2.64 billion with an average daily volume of 11.87 million shares. $2.33 billion was JetBlue's last reported revenue with -58.608 cents being the current EPS.
JetBlue Airways's run now faces a challenge at $8.19, which is only 14 cents away and will be interesting to follow.
Buyers pushing W. W. Grainger towards its price target of $753.89; currently at $748.09
W. W. Grainger's run now faces a challenge at $753.89, which is only $5.8 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
W. W. Grainger has posted further gains as part of a 5 day trend that has already seen the stock gain $7.22. yesterday continued on the same track for W. W. Grainger — W. W. Grainger rallied 1.38% and ended the session at $748.09. Trading volume totalled 146,518 which equates to around 48% of the stock's 21-day average yesterday.
